Strong early gains for the S&P 500 index SPX, +0.89% and the Nasdaq Composite COMP, +0.97% on Thursday put both benchmarks on track to wipe out firm weekly declines after being buffeted by trade-war fears. The S&P 500 index SPX, +0.89% was up 1.1% at 2,882, with a weekly gain of a little less than 0.1% in late-morning dealings, while the Nasdaq was up 1.3% at 7,922, on pace for a weekly advance of just under 0.1%. Meanwhile, the Dow Jones Industrial Average DJIA, +0.84% was holding on to a weekly slide of 0.3% but has eaten away at a firmer slide at the start of the week, with Thursday gains of 215 points, or 0.8%, partly led by a rally in share of Walmart Inc. WMT, +1.43% Gains for the equity benchmarks took flight after a bath of economic data came in better than expected, including a measure of manufacturing activity in the Philadelphia area and readings of jobless claims and housing starts. Investors dialed back hopes for a trade deal between Washington and Beijing after President Trump signed an executive order Wednesday allowing the U.S. to ban telecommunications network equipment, a move officials said targeted Chinese technology companies Huawei and ZTE. That came a day after the Trump administration postponed a decision on whether to impose tariffs on autos, sparking a small market rally for U.S. and European stocks.

See Full Story Stocks close higher for third straight day on upbeat earnings from Walmart, Cisco

Stocks close higher for the third session in a row Thursday, with the Dow up by triple digits after upbeat earnings from two blue chips, as investors weighed the latest developments on the trade front.